EV Prices Are Going in the Wrong Direction – Here’s Why
There has been a lot of hype surrounding EVs lately, but they are hardly the transportation game-changers they’re cracked up to be. EV prices have been going in the wrong direction, and prices have doubled over the last five years alone! Couple that with lower efficiency and range compared to conventional vehicles, plus an infrastructure that’s still lacking nationwide… there’s no reason at all to buy an EV! Here’s why EV prices are going in the wrong direction, and why you should keep your distance from EVs until they make some major improvements.
Tesla (vehicles)
EVs can reduce emissions, eliminate dependency on foreign oil, and provide for our future transportation needs. So why are EV prices going in the wrong direction? EVs are more expensive than comparable models with traditional combustion engines but will cost less to run and maintain over time.
In some states, residents may receive a tax credit or have their utility rate reflect that they drive an EV—but we’re not all lucky enough to live in these states. Furthermore, other government incentives help offset the purchase of an EV through cash rebates or low-interest loans. But with gas prices continuing to rise, more people want to switch from gas-powered cars.
Fisker Karma
The reason the Fisker Karma was not a success is that it was too expensive. There are other plug-in cars out there with less extravagant designs that offer comparable performance and cost less.
Karma had an MSRP of $102,000. This luxury car did not live up to its price tag because it only went for about 50 miles on full battery power before needing to be plugged into a charger again. With this going on, one can start to see how EV prices are going in the wrong direction and how they will never really get to mainstream adoption rates so long as they keep rising.
GM Volt, Chevy Bolt
EV prices are going in the wrong direction. GM announced that their 2020 EV, Volt, is going to cost $35k. The other EV to be released this year, Chevy Bolt, will cost even more at $37k. These EVs would be great if they were affordable for everyone, but sadly these are going to be out of reach for most people.
If the average income per capita is $51k per year, that means a full two-thirds of Americans can’t afford an EV with their current salary! Now people think it’s a good idea to spend more money on an EV. Nope! All we can hope is that as EVs become more popular and cheaper over time these high prices will come down.
Nissan Leaf
So-called green vehicles are going in the wrong direction. Nissan was a pioneer and still stands today as one of the world’s leading producers of environmentally friendly vehicles. Nonetheless, EV prices are going up instead of down, which is counterintuitive to anything sustainable or environmentally friendly.
Today, you can buy a Nissan LEAF for about USD 28,700 on average (or about EUR 21,110 or GBP 18,975). That price doesn’t include any tax incentives offered by governments who want to promote environmentally-friendly transport. The LEAF is also an ideal car for drivers looking to save money because it only requires around 2 gallons/8 liters of gas every 100 miles/161 kilometers driven.
BMW i3
This year, EV prices are going up and not down as hoped. Consumers are still afraid to adopt EV cars because they’re worried about losing their vehicles to theft or relying on a source of electricity that goes out when it snows. Tesla is one of the few companies with an actual solution for this problem,
but they’re still struggling to keep production up so they don’t sell out. Until people feel safe buying an EV and have confidence that it won’t break down at any moment, EV prices will be going in the wrong direction.
The amount of effort it takes to maintain an EV is another reason people are afraid to adopt them. The parts and maintenance costs associated with EVs make a lot of people nervous, as they feel like they’ll be spending twice as much money on their car than they would with a traditional vehicle.
Unlike traditional cars, most EVs require you to regularly swap out their batteries and occasionally clean off their charging ports, but these sorts of maintenance tasks aren’t particularly time-consuming or difficult.
It’s clear that we still have some ways to go before EV prices go down instead of up. Until then, electric vehicles will remain just out of reach for many drivers across the globe – keeping EV prices going in that wrong direction for now.
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